Bless My Pips - A Forex Trader’s Guide to the Currency by Steven Lombardi

By Steven Lombardi

Incorporates a specified rationalization of over twenty eastern candle styles, approximately twenty symptoms, basic occasions, chart styles, Elliott waves and Fibonacci degrees.

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The high represents the highest point that price hit from the moment the bar opened until the moment the bar closed. Likewise, the low represents the lowest point price hit between the open and close times. 2. 2 Open, high, low and close (OHLC) prices on a bar graph The concept of having open, close, high and low points that are separated by time intervals is widely used. There are other charts that follow the same idea as the bar chart, but they are illustrated differently. 3 Candle Charts I F you search the Internet for forex charts, I bet that nine times out of ten the charts that you find will be Japanese candlesticks.

0001. Moreover, to calculate the pips per profit for different pairs, you would need to use a slightly more complex equation. Pairs containing CHF or CAD as a quote currency have a pip price equal to one dollar divided by the USD quote currency rate per 10,000 units traded. If the instrument contains GBP or AUD as a quote currency, the pip price would be $1 multiplied by the USD quote currency rate per 10,000 units. Finally, the JPY pip rates equal one hundred dollars divided by the USD/JPY rate per 10,000 units.

On the forex market, traders initiate trades in lots. A lot is equivalent to 100,000 units of currency. Don’t get intimidated, it sounds like a large amount of money but it can be accessible because a trader can trade fractions of a lot with forex Club. com BLESS MY PIPS can even open a position for whatever amount of money he or she wants to trade simply by typing in the amount into the trading platform. 10 each time price moves a tick up or down. 1,000 units is the smallest trade size allowed by Forex Club and will cost you ten dollars of your money to trade using 50:1 leverage.

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